News

Opinion: Central Banks Controlling Money Is Not Democracy

single-image

If central banks control all uses of money, this is not democracy, Coinbase’s ex-tech chief Balaji Srinivasan is convinced. The entrepreneur commented on statements by the head of the Bank of International Settlements during an IMF meeting devoted to cross-border payments.

Balaji Srinivasan Speaks Out Against Centralized Control Over Money Through CBDCs

Former chief technology officer at Coinbase, Balaji Srinivasan, voiced his concerns over central bank digital currencies (CBDCs) allowing monetary authorities to control money. On Tuesday, Srinivasan took to Twitter to say:

When the head of BIS says ‘central banks will have absolute control’ over all uses of money, that’s not democracy.

The American investor was referring to statements made by the General Manager of the Bank of International Settlements (BIS) Agustín Carstens at a videoconference held by the International Monetary Fund (IMF) in 2020.

Stay in the know on crypto by frequently visiting Crypto News Today

Policymakers participating in the event, including the Fund’s Managing Director Kristalina Georgieva, discussed future changes in cross-border payments coming with new technologies and the advent of digital currencies.

During the virtual meeting, Carstens pointed out that, unlike cash, with CBDCs central banks will have “absolute control on the rules and regulations that will determine the use of that expression of central bank liability” as well as “the technology to enforce that.”

CryptoCaster Quick Check:

“That’s when Keynesianism finally drops the mask and becomes flat out communism: total centralized control of all resources by unelected bureaucrats,” Srinivasan elaborated. His comments sparked a lively Twitter discussion on the topic:

Balaji Srinivasan’s tweet coincided with the release of a BIS survey on CBDCs and crypto assets. The institution, which facilitates cooperation between monetary authorities around the world, found that in 2022, 93% of 86 surveyed central banks were engaged in CBDC-related work and over half of them were already carrying out tests and pilots.CRYPTOCASTER® - DECENTRALIZED FREEDOM!
Read More at BITCOIN.COM


W

e hope you enjoyed this article. Before you move on, we invite you to consider supporting CryptoCaster’s journalism.

Billionaire owners like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase) often have a strong influence on the hidden agendas surrounding the paradigm shift brought about by cryptocurrency and emerging Web3 technologies. CryptoCaster stands apart. We have no billionaire owner or shareholders to please. Our journalism is dedicated to serving the public interest in crypto development and institutional disruptions, not profit motives.

We avoid the pitfall of much U.S. and global media, which often resorts to false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency guide everything we do, we recognize that there is a right and wrong stance in the fight against fiat global banking interests and the monetary reconstruction driven by the emerging crypto ecology.

When we report on issues like the FTX, Binance, and Ripple crises, we’re not afraid to name names and uncover the truth. As a crypto sentinel, we offer a fresh, outsider perspective on global monetary disruption—something often missing from the insular American and European media bubble.

CryptoCaster’s paywall-free journalism is accessible worldwide thanks to our unique reader-supported model. This is made possible by readers like you. Your support keeps us independent, free from outside influence, and accessible to everyone, regardless of their ability to pay for news and information.

We are grateful for the ongoing monetary support from our readers. If you haven’t yet considered supporting CryptoCaster, please consider contributing just once from $1 or more in Bitcoin (satoshi) or Ether, or even better, support us monthly with a bit more. Scroll further down this page to find CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster

Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.


Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt

CRYPTOCASTER HEATMAP


You may also like